Obama’s tax message has been carefully calibrated — tax increases only on the wealthiest Americans, families making more than $250,000 per year. And as the election approached, he grew more, not less, adamant about it. With less than two months to go before the expiration of the Bush-era tax cuts and the rest of the fiscal cliff, Obama has all but pledged to veto any bill that extends the upper-income tax rates.

The president’s reelection is a “mandate” to fix the looming fiscal crisis in a balanced way that includes raising taxes on the wealthy, a senior administration official told POLITICO. “He’s been running around the country saying, ‘We should raise taxes on wealthy people because we need to share the burden to deal with our deficit reduction,’” the official said. “So when people vote for Obama, that’s the approach they’re voting for.”

The question now is whether Obama can keep that pledge while keeping the economic recovery on track, and whether the voters’ decision Tuesday amounted to a mandate for the president’s tax policies — or simply a half-hearted endorsement of status quo fiscal gridlock.

While Obama ran away from the economy for most of the 2012 campaign, he is now poised to claim political credit for an eventual recovery, if it doesn’t get derailed by the fiscal cliff — or a financial meltdown in Europe, or some other unforeseen calamity.

“As Herbert Hoover once said, ‘The president gets the blame for the rain and the credit for the sunshine,’” said Allan Lichtman, a political historian at American University. “Obviously, a lot of factors are operating on the economy other than what Obama may or may not be doing. But nonetheless, just as he got a lot of blame for the difficult economy, he surely is going to get a lot of credit for the recovery, presuming there is a robust recovery.”

Bill Clinton advocated a tax increase on the wealthy in the 1990s, and Obama ran on an end to the upper-income Bush-era tax cuts in 2008. But the Obama team pushed the tax “equity” message with a vengeance this year, with additional proposals like the so-called Buffett rule, that would ensure a minimum effective tax rate on millionaires.

That question is like asking if the Pope is Catholic! EVERYONES taxes will go up. Anyone who fell for the only the rich would get taxed is so naieve they shouldn't be allowed to vote. .

He now will need to pay back all his contributors the way he did with his first term - more Solyndras and czars that don't do anything. That takes money.

Obama banked on the people being stupid - he was right. It makes me sad. This is a man who should not be president. He is mean spirited - he gave a great talk last night about working with people but next week will be a different story. He'll start on his many many attacks. Also, rumor has it his puppet master Valerie Jarrett has vowed revenge on anyone who opposed him.

Obama is the high school bully - he picks on people. Republicans all the time, but the rich, bankers, insurance companies, big business. He always has to have a demon. I find that to be a terrible quality for a president.

Hey guys. You know the deficit isn't going to magically go away, even if the government didn't spend one penny more in the next 10 years, we will still have that deficit to deal with. I'm willing to pay my fair share of it, even the part to built up before Obama (my man) came into office, but I insist that the wealthy also pay their fair share, the same percentage that I pay. Time for everyone to start paying up. Common sense.

This is a very dark day for America. It could well be the tipping point we were warned of so many years ago:

“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world's greatest civilizations has been 200 years.” - Alexis de Tocqueville

Yes, taxes will go up. Obama knows that stating he wants to raise taxes on only the wealthy is the popular thing to say but realistically it won't produce enough revenue. He will allow all of the Bush tax cuts to expire but the House will take the blame.

The problem is that even if *all* the Obama tax cuts expire it will only generate bout $400 Billion per year in the face of $1100Billion annual deficits.

Since doing this will tip the economy back into recession the actual expectation should only be a total of about $300 Billion per year or less in the face of $1100 Billion annual deficits.

I would only disagree with you about the House taking the blame. If the House Repulicans actually stand up and call out the Democrats they *could* put the onus back on the Democrats where it belongs. I don't hold forth much hope for that.

ks0591. No one, except for you of course, has said that "EVERYONES taxes will go up". Obama has been consistent on the fact that he will not raise income tax for middle class people. Tax increases are proposed only for those joint filers making in excess of $250,000 in TAXABLE (after deductions) income. If you make less than that you won't see an increase.

upsidedown22 says "I would only disagree with you about the House taking the blame. If the House Repulicans actually stand up and call out the Democrats they *could* put the onus back on the Democrats where it belongs."

There will be no "onus" on the Democrats. The dems are going to hold a vote to continue the Bush/Obama tax cuts only for those making less than $250,000 (or possibly in a compromise maybe $500,000). The republicans will have to go on record as opposing a tax cut for middle class voters. A competing bill will probably result in a vote on extending tax cuts for everyone. Republicans will vote for it, thus going on record as supporting tax cuts for "millionaires'.

pbcrabshaw, thanks for letting us know that you know nothing of what you are talking about. Speaking of gullible and naive! You fit that description perfectly.

Can we agree that most of the tax increases will hit businesses and corporations? What happens if Company X sees costs rise for the production of its product? Are you naive enough to think Company X will just write off the extra costs from their bottom line? Or are you smart enough to realize Company X will charge more for their product to make up for the extra cost?

Do you know the difference between static and dynamic? Do you even partially understand human nature?

Wonder what someone who has money is going to do by years end,,,,,, hmmm what will they do? Pull out of markets and investment and pay lower tax this year crippling the economy for the future. BTW makert down 300 plus points

Raising taxes will defeinetely get small businesses hiring! You see if you take more from them they will realize they are helping their fellow citizens and will hire more people with less money! We just don't understand that having "less" money makes you more inclined to hire!

There is a very important and cynical difference between Obama's pledge to raise taxes and Mondale's. Obama pledged to raise taxes on someone else, pandering to an electorate more than willing to hear that all that was needed to control the deficit and to allow the continued growth of entitlements is to "make the rich pay their fair share," calling it shared sacrifice, but not actually asking for sacrifice from anyone but "the rich".

He left out the part where he tells you that those higher taxes on the rich will make only a tiny dent in the deficit and that to truly get the deficits under control there will have to be higher taxes on everyone and there will have to be cuts to entitlements.